Eye on PAAS and Silver
Mid-Day Minute for Thu May 13th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Pan American Silver Corp. (Nasdaq: PAAS) has hurdled its December high at 27.31 on the monthly chart, at the same time that spot silver has broken above its long-term resistance line (from 1980) at 19.46. If silver prices accelerate to the upside, PAAS should benefit and climb towards 35.00, again on a big-picture, monthly chart basis. On an intraday chart, PAAS remains above its near-term support plateau, although the gold sector appears to be taking a bit of a breather as it breaks two-day support.
